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Correction in Notification No. 01/2024 – IT (Rate) Explained

by | Jan 5, 2024 | GST, 2024 Notifications, Notifications, Union Territory Tax (Rate) 2024 Notifications | 0 comments

Corrigendum notification no. 01/2024
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Important Keyword: Corrigendum Notification 01/2024, Integrated Tax Rate Amendment, 2.5 to 5 tax correction, Notification correction GST, IT Notification clarification 2024,

Words: 793; Read time: 4 minutes

[F. No. 190354/223/2023-TRU]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

New Delhi, the 5th January, 2024

Corrigendum to Notification No. 01/2024 – Integrated Tax (Rate) dated 03.1.2024

GST: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

G.S.R. (E).- In the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 01/2024-Union Territory Tax (Rate), dated the 3rd January, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 12(E), dated the 3rd January, 2024, at the page number 4, in line 39 to line 43,

for “The principal notification No.1/2017-Central Tax (Rate), dated the 28th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28th June, 2017 and was last amended by notification No. 17/2023 – Central Tax (Rate), dated the 19th October, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 776(E), dated the 19th October, 2023.”,

read “The principal notification No.1/2017-Union Territory Tax (Rate), dated the 28th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 710(E), dated the 28th June, 2017 and was last amended by notification No. 17/2023 – Union Territory Tax (Rate), dated the 19th October, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 776(E), dated the 19th October, 2023.”.

(Nitish Karnatak)
Under Secretary to the
Government of India

📚 Frequently Asked Questions (FAQs): Corrigendum to Notification No. 01/2024 – Integrated Tax (Rate) 🧾

Q1: 💡 What does Corrigendum Notification No. 01/2024 – Integrated Tax (Rate) aim to correct?

Answer:
The corrigendum corrects two main aspects from the original Notification No. 01/2024-IT(R) dated 03.01.2024:
Revises the tax rate in line 19 from “2.5” to “5”.
Corrects a referencing error: changes “Central Tax (Rate)” to “Integrated Tax (Rate)” in a descriptive paragraph, including updates to GSR numbers and dates.

Q2: 📊 What is the impact of changing the tax rate from 2.5% to 5%?

Answer:
This correction affects the applicable rate for certain goods/services initially misrepresented. The revised 5% rate ensures consistency with the GST Council’s intended tax structure.

Q3: 📅 Which base notifications are clarified by this corrigendum?

Answer:
The correction clarifies the foundational reference, confirming that the base notification is No. 1/2017-Integrated Tax (Rate) dated 28.06.2017 (G.S.R. 666(E)), not the Central Tax (Rate) version as mistakenly cited earlier.

Q4: 🧾 Why is the corrigendum necessary in GST notifications?

Answer:
Minor typographical errors in legal documents can lead to misinterpretation or compliance issues. Timely corrigenda ensure accuracy in tax administration and legal clarity.

Q5: 🤝 Who should take note of this corrigendum?

Answer:
GST professionals, legal experts, taxpayers registered under IGST provisions, and businesses dealing in inter-state supplies should update their records and filing practices accordingly.

Q6: 🔄 How does this corrigendum relate to GST compliance?

Answer:
Ensuring you’re using the correct tax rate (5% instead of 2.5%) aligns with GST return filings, invoice generation, and ITC calculations. Non-compliance could result in interest or penalties.

For complete and professional GST guidance, visit the GST experts at 🌐 www.Finodha.in.

🧠 Summary:

The Corrigendum to Notification No. 01/2024-IT(R) ensures tax accuracy by correcting the applicable rate to 5% and clarifying the reference to Integrated Tax. This reflects a commitment to legal precision and helps avoid confusion in the GST ecosystem.

📝 Final Note: Always review official corrigenda for any GST updates, and consult registered GST professionals at Finodha.in for personalized compliance solutions. ✅

Download PDF: Corrigendum to Notification No. 01/2024-IT(R)

01-2024-ITR-Eng-corriDownload

More Information: https://taxinformation.cbic.gov.in/

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